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Question
What do you understand by a sole proprietorship firm?
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Solution
In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. As the sole owner of the business, the proprietor becomes the single recipient of all the profits earned by the business and, in the same way, has to bear all losses.
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RELATED QUESTIONS
Features of sole trading concern.
‘One man show’ type of business organization.
Define Sole Trading Concern ?
Sole trading concern and Partnership firm .
Match the pairs :
|
Group 'A' |
Group 'B' |
||
| (a) | Sole trader | (1) | Compensation upto Rs 20 lacs |
| (b) | Globalisation | (2) | Minimum two members |
| (c) | District Forum | (3) | Dr. Deming |
| (d) | Private company | (4) | Regional market |
| (e) | Total Quality Management | (5) | F. W. Taylor |
| (6) | Minimum seven members | ||
| (7) | Maximum secrecy | ||
| (8) | Compensation more than Rs 20 lacs | ||
| (9) | International market | ||
| (10) | Minimum secrecy | ||
Functions of Lower Level Management.
Sole Trading Concern and Partnership
Select the proper option from the options given below and rewrite the completed sentence.
A sole proprietorship has ________ owner/owners.
Match the correct pairs.
Write a word or a phrase or a term which can substitute the following.
The owner is the sole manager and decision maker of his business.
Write short notes on the following.
Features of a proprietorship
State Whether the Following Statement Are True Or False (Give Reason)
The liability of a sole trader is unlimited.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organisation. Why?
The Karta in Joint Hindu family business has
In a cooperative society, the principle followed is
The capital of a company is divided into a number of parts each one of which is called
The Head of the joint Hindu family business is called
